S 5017
Repealing the Ill-Conceived and Problematic (RIP) Book Minimum Tax Act
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- Passed Senate
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- Became Law
Bill overview
This bill aims to eliminate a tax provision included in the Inflation Reduction Act of 2022 that imposed a 15% minimum tax on corporations with significant annual earnings. Specifically, it seeks to repeal sections 10101 and 13904(a) of the tax code. By doing so, the bill would remove the corporate alternative minimum tax and restore the existing tax system.
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